Sky-Reliance Logistics consortium to get USD 65 mn loan from BdC: A Sky Logistics and Reliance Logistics consortium are reportedly in talks with Banque du Caire (BdC) for a USD 65 mn loan for the new multipurpose terminal at the East Port Said port, a source familiar with the transaction told Al Borsa.

What’s next: The consortium is negotiating the loan terms, and are expected to wrap up negotiations within the next few days, the source said. It plans to break ground on the project’s first phase in November, and the second and third phases by the end of 2024.

REMEMBER- President Abdel Fattah El Sisi recently ratified a decision to award Sky Logistics a 30-year USD 65 mn build-operate-transfer contract for a multipurpose terminal to be built over three phases. The companies will be responsible for the design, construction, management, operation and maintenance of the terminal, which will feature a 900-meter container berth, a 380k sqm trade area, and will create some 550 new jobs.

The consortium could get more for a logistics zone: Local Egyptian media reported in September that the consortium is in talks to arrange a EGP 700 mn joint loan to finance a logistics zone at the East Port Said Port. The loan is expected to be in the form of long-term financing over seven years, with the National Bank of Egypt reportedly acting as the main arranger of the loan, with other participants including Banque Misr.

The SCZone has been working on expansions for the port: The SCCT is planning to invest USD 500 mn to expand the capacity of East Port Said Port by 40%. The port’s main operator, the Suez Canal Container Terminal Company (SCCT), was also recently awarded a contract to develop a second container terminal at the port.

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